How to Communicate with Stakeholders Essay Essays

How to Communicate with Stakeholders Essay Essays How to Communicate with Stakeholders Essay Essay How to Communicate with Stakeholders Essay Essay Discuss each image crisis for Barclays. – Image crisis no. 1: ‘A universe needs a large bank’ run vs. shuting 170 subdivisions in the UK. In 2000 Barclays launched a ‘Big’ run with the motto: ‘a large universe needs a large bank’ . Barclays wanted to be seen as an ‘big’ bank by its of import stakeholder groups. The adverts were slick and had received good pre-publicity. but it turned into a communicating catastrophe. Because Barclays was distributing the word that is was a large bank. while shuting 170 subdivisions in the UK. Barclays started to lose more repute when it was revealed that the new Chief Executive had been paid ?1. 3 million for merely 3 months’ work. The state of affairs was farther aggravated by the haughtiness with which Barclays announced and justified the determination of shuting all the subdivisions in the rural countries. – Image crisis no. 2: ‘‘Children ; make non stack up debts on your recognition cards. ’’ Another image crisis occurred in 2003 when the CEO of Barclays. Matthew Barret. said that he did non borrow on recognition cards because they were excessively expensive and that he has advised his four kids non to stack up debts on their recognition cards. Since Barclays is the biggest recognition card company of the UK. the Chief executive officer stunned his clients with what appeared to be a similar ballot of no assurance in his ain merchandise. – Image crisis no. 3: ‘‘Excessive hazard taking’’ In 2008. at the tallness of the planetary fiscal crisis. a 3rd image occurred. Many Bankss turned to the authorities for hard currency injections. Barclays. nevertheless. raised one million millions from investors in Qatar and Abu Dhabi. The ground for this was that it would let the bank to retain ‘complete control’ over running their concern. like paying the fillips to its to p executives and investing bankers. Although some fiscal analysts thought it was a good move. Barclays was to a great extent criticised in the media for its inordinate hazard pickings and for the wage bundles given to its top executives and investing bankers. 2. What was the exact cause or event that led to each of these crises?Barclays did non win in incorporate communicating. The bank did non organize and aline all communications so that the administration speaks systematically across different audiences and media. For illustration: the corporate individuality did non fit with the things Matthew Barret told the populace. Besides that. Barclays has the following value stated on their web site: ‘‘Build trust with the co-workers and spouses we work with’’ . this value is in contrast with shuting 170 subdivisions without any duologue with their stakeholder. Besides that the company did non demo sorrow for shuting all those subdivisions. alternatively they played a really defensive function. By demoing such an chesty attitude and deficiency of compunction Barclays created choler within the populace. The timing of the run was really unfortunate. If the run and the proclamation of the shutting of the subdivisions did non go on at or around the same clip. the run could hold been really successful. Since it received really good pre-publicity. Matthew Barret did non gain that the media is a large stakeholder of the administration. Anything that a corporate executive says in public can be held against him and can hold a immense impact on the repute of the company. The determination non to inquire the authorities for hard currency injections became an image crisis because non merely did they take an inordinate hazard. they wanted to go on with the tremendous fillips. The populace likely felt Barclays had the best involvement for their stockholders. non for their stakeholders. 3. What could Barclays hold done to avoid these crises. or to expect the possible radioactive dust? Barclays clearly did non pull off really good with their communicating under crisis. Because crises have the possible to Barclays Bank: how ( non ) to pass on with stakeholders harm an organisation’s repute it is of import that administrations anticipate and plan for likely crisis scenarios and fix crisis communicating programs. Alternatively of acquiring in the defensive manner as Barclays did with image crisis no. 1. they should hold started an credence scheme. A maneuver of apologizing for the crisis and accepting the incrimination. Alternatively of being chesty. they could hold said that they are regretful for shuting 170 subdivisions and give an account. Barclays besides should hold started a duologue. They should hold announced what they were traveling to makeand why and so allow the public react on their proclamation. And to make less choler within the populace they could hold announced some signifier of compensation or aid to the employees who were traveling to be harmed by the shutting of the subdivisions. The Chief executive officer of Barclays should hold had a media preparation. In media preparations is thought how to work with journalist s by making simulations. If he would hold known how to act and what to state around media. the 2nd crisis would non hold happened. A 3rd image crisis would hold happened anyhow. because if they had chosen to acquire a hard currency injection of the authorities the populace would besides hold been angry. Because they pay such inordinate fillips. it is non just to inquire they authorities and therefore the taxpayers for an hard currency injection because they are short on money. They could hold limited the image crisis by explicating the populace the positive facets of the fact they chose investors for money and non the authorities. Overall. Barclays should hold an more unfastened attitude to the populace with room for duologue. And non such an chesty attitude.